Sale leaseback transactions in third quarter totals $3.4b

There were 157 sale leaseback transactions in third quarter 2023 totaling $3.4 billion, down roughly 34 percent compared to the previous quarter, according to SLB Capital Advisors.

Overall sale leaseback activity remained relatively in line with previous quarters at 157 transactions (down 5 percent vs. second quarter 2023).

Scott Merkle, SLB Capital Advisors managing partner, said notable in this quarter’s figures was a rebound in industrial transactions which contributed 45 percent of total volume. During second quarter 2023, its contribution was 39 percent.

“The retail segment contribution declined to 32 percent from its post-pandemic high contribution in second quarter 2023,” Merkle added.

Transaction dollar volume for third quarter 2023 was driven by Blue Owl’s acquisition of Big Lots’ retail-store portfolio for $309 million and VICI’s acquisition of a Century Casino for $204 million.